The popularity of forex trading has increased tremendously over that last 10 years. Currently, over $5 trillion worth of currency is traded on the forex market each day and this number keeps rising by the minute. Many trading platforms have come and gone; however, forex trading has been around for many years and it is still growing strong. In fact, its popularity is currently at its record high. So, what is the real reason behind forex trading increase in popularity? In this article, we are going to discuss some of the reasons why forex trading is so popular.
1. Ease of access
Unlike the past where forex trading was only accessed by large corporations, banks and extremely wealthy people in the society, today anyone can access and trade on the forex market. The internet has completely changed the way people trade on the forex market. Today, all that you need to start trading is a device that can access the internet, a trusted forex broker (who are readily available) and small start-up capital. Ease of access has attracted many people across the globe to forex trading.
2. It is highly profitable
Another reason why forex popularity has increased significantly is that it is highly profitable. With patience and good trading strategies, forex trading can make you extremely rich within a short period of time. There are many people who have quit their well-paying jobs just to focus on forex trading because it is highly profitable. Forex trading income is also not fixed. Traders can grow their income as much as they want.
3. Forex trading is genuine
Today, there are many programs out there that promise people good fortunes with little or no effort. However, most of them usually turn out to be a scam. Most people have turned to forex trading because it is one of the few ways of making money online that is genuine. If you choose the right broker and follow the right trading strategies, then you can make good money. People are tired of following programs that promise riches but end up delivering nothing. They have therefore turned to forex trading that has proven beyond a reasonable doubt to be genuine and reliable.
4. Markets are open 24 hours a day
Forex trading market is open 24 hours a day. This is very important because it gives traders a chance to trade both during the day and at night. Those who engage in trading for a side hustle can comfortably trade when they get home from work. On the other hand, those who earn a living from forex trading can trade for as long as they want. The fact that forex trading is open 24 hours has attracted many people. Unlike stock market that gives traders a limited time to trade, forex market allows traders to trade throughout the week. As a result, most people prefer it because it allows them to access the market at their own convenient time. A forex trader can enter the market at any time and still make profits. That is just how good forex trading is.
5. Low barriers to entry
Forex market is one of the few forms of investments that have low barriers to entry. The forex market allows you to trade with as little as $50 depending on the broker that you choose. This means that you can start with small investment capital then grow yourself up. You have probably heard of very successful traders what started with extremely low start-up capital. Forex trading also does not require you to have certain qualifications or attain a certain level of education in order to trade. Any person including, highly educated and not so highly educated, rich and poor, experienced traders and rookies among many others can join forex market and trade.
6. Access to educational materials
Today, there are plenty of educational materials and programs that teach people how to make money on forex trading. This means that even people who know nothing about forex trading but are interested to trade can read tutorials available online to get important tips about forex trading. Forex trading is also simple and straightforward in nature. There are no such things as insider trading. All that you need to do to become a pro trader is to learn some few simple and straightforward tips. Easy access to educational materials like on onlineforex.trade has attracted many people to forex trading.